Vetoed items meant to pay back Mitsubishi, ToyotaComposite: Sen. Sherwin Gatchalian takes answers from the media on January 6, 2026; Logos of carmarkers Mitsubishi and Toyota on buldings. MANILA, Philippines — Senate Finance panel chair Sherwin Gatchalian raised concerns over three items vetoed by President Ferdinand Marcos Jr. in the 2026 national budget, particularly two programs intended to cover government obligations to international car manufacturers Toyota and Mitsubishi. RELATED: Vow of transparency: Which items did Marcos veto from the 2026 budget? Tax incentives, unpaid obligationsAt a press briefing on Tuesday, January 6, Gatchalian said Toyota and Mitsubishi were promised tax incentives under the CARS program to encourage investment in the Philippines. He said the administration may again have to rely on the contingent fund if existing line items prove insufficient to cover incoming projects.

Source: Philippine Star January 06, 2026 14:06 UTC